The clinical lab and mass spec markets are growing at the speed of tech.
Strong labs will ride the coming wave of growth and avoid “leaky bucket” syndrome.
The good news: growth is projected to be huge in both lab services and mass spectrometry.
The U.S. clinical laboratory services market reached $101.73 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.3%, reaching $208.8 billion by 2032.
Key growth drivers in clinical lab services:
Growing demand and spending for clinical lab tests for regular check-ups as well as long-term disorders
Growing incidence of chronic and infectious diseases like diabetes among the adult population
Advancements in diagnostic technology
Increased emphasis on preventive healthcare services
Increased burden of diagnostic procedures
The US mass spectrometry market reached $2.10 billion in 2023 and is projected to grow to $4.94 billion by 2033 (8.91% CAGR).
US mass spectrometry market key growth drivers:
Increased applications in pharma and biotech
Advancements in mass spectrometry technologies
Rising demand in environmental testing, food & beverage safety, and oil & gas analysis
Supportive government policies
Heightened focus on research and development within healthcare and environmental sectors
But with rapid growth, focus and balance are crucial to avoid the leaky bucket syndrome?
New revenue pours in, but day-to-day performance issues can leak away gains.
Labs can lose money for a variety of reasons when management trains their time, money, and energy on new business development while taking their eye off the complexities of day-to-day operations.
This imbalance causes a “leaky bucket” as new and exciting top line revenue is poured into the top of the bucket while profits leak out the bottom. This syndrome is often linked to inefficiencies, equipment failures, human error, and/or poor operational practices.
Our goal is to help you keep an eye on the day-to-day issues that derail profitability.
The big 10 profit leaks include:
Sample management issues resulting in sample degradation and costly replacements, repeating experiments and money wasted on expensive reagents and consumables.
Reanalysis and poor data management due to human errors lead to inaccurate results, regulatory non-compliance, potential fines or damage to lab reputation.
Regulatory compliance failures leading to failed audits, costly fines, penalties, loss of contracts, and potential lab shutdowns, or restrictions on operations.
Inefficient workflow and resource management lead to lost productivity, higher labor costs, and overuse or mishandling of expensive reagents and consumables.
High turnover and training costs resulting in productivity losses and increased costs to train new staff; Inadequate training can lead to errors, inefficiencies, and compliance issues.
Delayed project timelines or unsuccessful or flawed experiments requiring replication lead to contract penalties, loss of clients, or reduced funding for research projects.
Mismanaged waste management including improper disposal or overproduction of hazardous waste can result in fines and increased costs associated with environmental compliance.
Ineffective inventory management can result in wasted reagents and supplies, leading to financial loss while running out of essential materials can halt operations and delay projects.
Equipment downtime due to lab instrument malfunctions, failures and delayed maintenance causing costly unplanned repairs potentially halting lab operations, inaccurate results, and the need for expensive reanalysis.
Power outages and energy issues lead to a) lost or corrupted data, especially in equipment running long-term analyses, and b) compromised sensitive samples when a sudden power loss affects temperature-controlled storage units.
That’s where GGS comes in.
We want you to run at peak performance: less downtime; fewer disruptions; maximum profitability.
We are the largest independent lab gas generator repair and maintenance specialist firm in the country and the industry’s only unbiased resource for servicing all types of lab gas generator brands and models. And because we’re in the businesses of keeping labs running strong, we also supply UPS systems to keep clean power running for your lab. It’s all part of our commitment to service. And to keeping you from watching your hard-earned growth go down the drain.